As You can see this formation is in play on this pair. So accumulation on retraces with target 50cents+ is now not bad idea.
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Correction for buy @30cents with SL 22cents risk/reward ratio is 2,5 (20cents/8cents)
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Two times retrace to around 31cents (34JPY) perfectly and now we should see anothe triangle forming if XEM wants to get higher.
Two times retrace to around 31cents (34JPY) perfectly and now we should see anothe triangle forming if XEM wants to get higher.
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XEMUSD possible outcomes of proce movement
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redrawed XEMUSD
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Bearish situation on BTCUSD does not encourage here to take now longs. As always market scares little before realsation of any formation.
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So now i dont advice even to play this triangle above with target 0.5 USD (55JPY). Maybe i'am wrong. But there is always another one month (future of NEM is good longterm) or another one coin to play. Here i stay aside with new longs, only with longterm bag that i have (for harvesting XEMs).
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If someone holds XEMs longterm, he should now observe if XEMUSD can go under 25JPY (0.225USD) that will be very bearish sign, i personally do not plan however cut my longterm holdings here even if i see 0.05USD (less possible but who knows, this is crypto).
This is where are possible accumulation points. SL must be (in mind not in exchange) under 25JPY, so if You want higher risk reward ratio, the lower You get now XEM the higher will be this ratio, as the main target as i wrote is 50cents. So for buy @ 30cents with SL 24JPY risk/reward ratio is 3,33 (20c/6c).